Top centralized exchange platform Robinhood announced an establishment of their own web3 wallet with zero swap fees. Ever since the announcement, over 150,000 people have signed up to be part of the waitlist.
Pre-registered users can also refer to their friends, although Robinhood has not set a date for the wallet’s release. However, they did release a new ad for the latest feature, citing “Trade and swap crypto, no network fees.”
Robinhood Still on the Road to Improvement
The exchange app started its crypto trading without fees in 2018. Although, a lot of users still show their dissatisfaction, specifically with the lack of token withdrawals. This issue became most prevalent during the Dogecoin hype and GMC tendies from January to April 2021, despite their earlier announcement regarding a feature to withdraw crypto tokens.
The DOGE and GMC Issue
In the early months of 2021, there have been several controversies surrounding the lack of withdrawals for dogecoin and GMC on Robinhood. Some investors have accused the company of not allowing them to access their funds, while others have claimed that they have been unable to withdraw their money due to technical issues.
However, it is important to note that Robinhood was not the only exchange that faced these issues. In fact, many other exchanges have also struggled to deal with the increased demand for Dogecoin and GMC withdrawals.
The reason for this is simple: the price of Dogecoin and GMC skyrocketed from January to April. As a result, many people are looking to cash out their profits. However, because there is a limited supply of these coins, exchanges are struggling to keep up with the demand.
This has led to a number of issues, including long delays in processing withdrawals and even some investors being unable to access their funds at all.
Robinhood is a commission-free stock, options and cryptocurrency trading platform that allows users to trade online. The users criticized the company for lack of transparency and customer service and its business model that relies on high-frequency trading. However, it has also been praised for its simple and intuitive interface, which makes it easy to use for beginners.